Published on 31 May 2024 on Zacks via Yahoo Finance

Cracker Barrel (CBRL) Q3 Earnings Beat Estimates, Stock Up

Cracker Barrel Old Country Store, Inc. CBRL posted mixed third-quarter fiscal 2024 results, with earnings beating the Zacks Consensus Estimate and revenues missing the same. The top and the bottom line declined from the prior-year quarter’s figure.While traffic was lower than expected, the company aggressively managed day-to-day operations, showing resilience in the face of financial impacts from reduced traffic. During the quarter, the company reported significant improvements in several key operational metrics.This includes improvements in hourly turnover (10 percentage points year over year), seat-to-eat times (approximately 8%) and off-premise missing item scores (18%). The average skill level for key positions such as cook and server increased 3% year over year. The metrics closely linked to same-store sales growth suggest positive progress and are anticipated to drive increased visits over time.Following the results, Cracker Barrel's shares rose 6% during trading hours on May 30.

Earnings & Revenues

In third-quarter fiscal 2024, the company reported adjusted earnings per share (EPS) of 88 cents, beating the Zacks Consensus Estimate of 56 cents. In the prior-year quarter, it reported adjusted EPS of $1.11.